Mobile banking is an easy method to handle your money on the go and continues to grow in popularity. The truth is, 54 % of consumers agreed that they often use digital banking tools more now, due to the pandemic, than they did last year, based on the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is actually crucial for customers of all the ages to confidently deal with their finances,” Allison Beer, Head of Digital at Chase, said in the press release.
It comes as no surprise that millennials and Gen Z are the two groups who are making use of mobile banking apps the best. The study discovered that 99 % of Gen Z and 98 % of millennials apply a mobile banking app for a broad range of activities, such as viewing account balances, examining the credit score of theirs and depositing a search. Boomers and gen X work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), although the individuals who do remain in the majority.
Consumers mobile banking app activities, by generation
|Generation||Total||Gen Z||Millennials||Gen X||Boomers|
|View account balances||86.5%||86%||89.5%||86.5%||78%|
|View account statements||68%||62%||73.5%||67%||61.5%|
|Transfer money between bank accounts||64%||65.5%||71.5%||60.5%||50%|
|Check credit score||32%||28.5%||56.5%||30%||20%|
|Use peer-to-peer payments||24%||20%||31%||21.5%||14.5%|
|Use online chat to ask a question||16.5%||18%||27.5%||13%||12.5%|
|Create and track a budget||13.5%||25%||17.5%||9%||4%|
|View a forecast of monthly spending||13%||17%||18%||9.5%||4.5%|
|Create a savings goal and track progress||12%||21.5%||18%||5.5%||2%|
|Open a new bank account||9.5%||11.5%||12%||7%||5.5%|
Regardless of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and charge card issuers, today offer customers with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is an excellent asset, it’s not always a one-stop shop to managing your finances as it might possibly be limited by the accounts you’ve at one bank. In case you’ve numerous accounts from diverse banks and want a holistic way to handle your cash, think about setting up a budget spreadsheet or maybe registering for a budgeting app or money app as Mint or you Want a Budget.
To be able to create the own budget method of yours with comparable functionality to an app, following these five steps:
- Calculate your net income
- List monthly expenses
- Label fixed and adjustable expenses
- Determine typical month expenses for every expense
- Make adjustments